SOFR Advance definition

SOFR Advance means an Advance that bears interest at a rate based on Term SOFR.

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SOFR Advance means an Advance that bears interest as provided in Section 2.07(b).

SOFR Advance means a Term SOFR Advance and/or a Daily Simple SOFR Advance, as the context may require.

Examples of SOFR Advance in a sentence

• Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a SOFR Advance to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to a Base Rate Advance.

• Subject to Section 3.04, if, on or prior to the first day of any Interest Accrual Period for any SOFR Advance the Series 2026-1 Class A-1-V Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that “Term SOFR” cannot be determined pursuant to the definition thereof, the Series 2026-1 Class A-1-V Administrative Agent will promptly so notify the Issuer and each Investor.

More Definitions of SOFR Advance

SOFR Advance means any Loan which, except as otherwise provided in Section 2.10, bears interest at a rate based on Adjusted Term SOFR (other than a Floating Rate Advance as to which the interest rate is determined with reference to Adjusted Term SOFR or a SOFR Market Index Rate Advance).

SOFR Advance or “SOFR Loan” means an Advance or Loan which, except as otherwise provided in Section 2.11, bears interest based on Term SOFR. SOFR Advances and SOFR Loans shall be denominated in Dollars.

SOFR Advance means an Advance which the Borrower requests to be made as a SOFR Advance or which is converted to a SOFR Advance in accordance with the provisions of Section 2.2.

SOFR Advance means a Series 2022-1 Class A-1 Advance that bears interest at a rate of interest determined by reference to the Term SOFR Rate during such time as it bears interest at such rate, as provided in the Series 2022-1 Class A-1 Note Purchase Agreement.

SOFR Advance means (x) (i) any Advance made as a SOFR Advance in accordance with Section 2.02(b) and (ii) not converted into a Base Rate Advance in accordance with Section 2.02(c) and (y) any Advance converted from a Base Rate Advance to a SOFR Advance in accordance with Section 2.02(c). For the avoidance of doubt, the Borrower may convert (x) a SOFR Advance with a three-month maturity to a SOFR Advance with a one-month maturity and (y) a SOFR Advance with a one-month maturity to a SOFR Advance with a three-month maturity, in each case, subject to Breakage Fees if not converted at the end of the applicable Interest Period.

SOFR Advance means an Advance in US Dollars bearing interest based on the Adjusted Term SOFR.

SOFR Advance means (x) (i) any Advance made as a SOFR Advance in accordance with Section 2.02(b) and (ii) not converted into a Base Rate Advance in accordance with Section 2.02(c) and (y) any Advance converted from a Base Rate Advance to a SOFR Advance in accordance with Section 2.02(c).